Carsales.com (ASX:CAR) has announced it has entered an agreement to purchase the remaining 50 per cent of South Korean owned encar.com.
This gives carsales.com complete ownership and control of South Korea’s leading online auto classifieds business from SK Group.
Carsales CEO Cameron McIntyre said the acquisition is a significant milestone in the company’s long term strategy to be a leader in online auto classifieds, adding that encar.com has been one of its strongest performing overseas businesses delivering good earnings and growth.
Carsales purchased the other half stake in encar.com in April 2014, which has seen business growth since the joint venture.
President of SK GroupJoe Ahn said the joint venture has been a great success over the past several years and the sale of encar.com is part of the company’s change in strategic direction.
Shares in Carsales.com (ASX:CAR) are trading flat at $13.60.